Varoufakis ‘Europe 2020’ report lacks detailed policies

Finance Minister Yiannis Varoufakis’s report submitted for “Europe 2020”, a European Commission obligation for all EU member states, required to detail their renewable energy source (RES) policies for 2020 environmental targets, presents the need for energy mix revisions and greater participation by RES producers, taking into account current penetration levels, as well as forecasts for energy demand and economic growth.

“The objective is to create a road map leading to the attainment of RES objectives as part of the ‘Europe 2020’ strategy,” the minister’s report noted.

However, for its greater part, the report focuses on offering a description of the local energy market’s current state without providing specific policies to be implemented.

Varoufakis’s “Europe 2020” report notes that the photovoltaics market can gain new impetus through the introduction of net metering, which will enable electricity consumers who generate their own power from an eligible on-site facility and deliver it to local distribution facilities to offset the electric energy provided by the utility during an applicable billing period. The minister also notes he believes wind-energy facility installations will increase from now on.

“Besides directly contributing to environmental targets set by ‘Europe 2020’, increased RES penetration in Greece’s energy potential will also contribute to more sustainable growth and increased energy supply security,” Varoufakis notes in his report, adding that new entrepreneurial opportunities can be created in various sectors and subsequently play a fundamental role in the effort towards the Greek economy’s recovery.

The RES sector continued to gain an increased share of the country’s energy mix, capturing a 15 percent share in 2013, a 10 percent year-on-year rise, the report notes. The objective is to reach a level of 20 percent by 2020.